Tesla CEO Elon Musk has expressed concerns about rising inflation. However, he revealed that he has no plans to sell BTC, ETH and DOGE.
Elon Musk asked Twitter users share their thoughts on what level inflation will reach in the next few years. MicroStrategy CEO Michael Saylor responded that US dollar consumer inflation will continue to reach all-time highs and asset inflation will double the pace of consumer price inflation. Weak currencies will collapse, with capital outflows from cash, debt, and undervalued stocks to scarce assets like bitcoin.
Musk expressed partial solidarity with Sailor’s opinion. He believes that when inflation is high, it is better to invest in physical assets, real estate or stocks of companies that produce good products than in the dollar. Musk added that he still holds BTC, ETH and DOGE, and is not going to sell them, regardless of the market situation. After Musk’s tweet, the prices of these cryptoassets recorded a small jump: DOGE jumped from $0.10 to $0.12, ETH briefly held out at $2,605, and BTC rose to $38,909.
American entrepreneur Robert Kiyosaki is also optimistic about cryptocurrencies. He has always been a supporter of investments in gold, silver and bitcoin, considering them the best insurance against inflation. However, Microsoft co-founder Bill Gates recently warned people against investing in bitcoin because only billionaires can afford it. He took the opportunity to criticize bitcoin for the fact that Elon Musk’s tweets can influence its course.
Source: Bits
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